Shares of Australia-based WorleyParsons rose 32% on Feb. 28, following the firm’s disclosure the day before that, last November, Dubai-based engineer conglomerate Dar Group had made an estimated $2.2- billion bid, which it rejected as undervalued. There has been no further action, but Dar Group acquired a 13.5% stake “with a long-term strategic perspective,” the firm says. WorleyParsons reported a $1.5-million net loss for the six months that ended in December and a drop in revenue, to $2 billion, amid fewer oil-and-gas and mining projects. But the firm said backlog has increased, to $3.6 billion. Maxim Sytchev, managing director of research at National Bank Financial, Toronto, says “2017 will be a very active M&A year with the largest players … jostling for positions.”